Privatisation of the Tole Tea Estate and the Brobon-Finex Saga: A Showcase of Corruption in a State Owned Corporation in Cameroon.

Abstract

The privatisation of the Tole Tea Estate has had negative consequences on the working conditions of workers. The magnitude of divestment proceeds and the complex nature of the transactions involved were enough grounds to attract corruption. The privatisation of the TTE created rents and unleashed processes that undermined anti-corruption policies in the company. The researcher employed a phenomenological research design with purposeful sampling of participants. Data collection entailed conducting in-depth interviews with 30 CTE workers alongside a documentary review of reports and technical documents on privatisation. The study asserts that the privatisation transactions of the TTE were marred by corruption. The former GM of the CDC undervalued the firm with the intension of selling it to his business associates (Brobon-Finex Plc.), a fake South African company at a giveaway price. Post-privatised TTE is now the scene of labour unrest and insecurity due to poor working conditions and little has been done by management to resolve the issue. The CTE management in a bid to protect her interest and avert court action have resorted to paying bribe to government officials. Furthermore, the study also affirms that privatisation and market liberalisation do not reduce corruption, contrary to the views of most neoliberals.